USD/JPY, “US Dollar vs. Japanese Yen
The price of the USD/JPY has dropped below its 200-day moving average on the H4 chart, indicating a bearish trend may be in place. The RSI has bounced off the resistance line. In this situation, a downward break of the 5/8 level (146.09) is expected, followed by a decline to the 3/8 support (142.18). The scenario could be canceled with a rise above the 6/8 level (146.87), in which case the price could rise to the resistance at 7/8 (148.43).
USD/CAD, “US Dollar vs. Canadian Dollar
The price of the USD/CAD is below its 200-day moving average on the H4 chart, indicating a bearish trend may be in place. The RSI is testing the resistance line. In this situation, a test of 2/8 (1.3549) is expected, followed by a breach of this level and a decline to the support at 1/8 (1.3488). The scenario could be canceled with a rise above 3/8 (1.3610), which could lead to a trend reversal and take the pair to the resistance at 4/8 (1.3671).
